The article is about the challenges that the global aviation industry is facing due to the COVID-19 pandemic. It highlights the decline in air travel and the financial losses that airlines are experiencing. It also discusses the impact of travel restrictions and quarantine measures on the industry, as well as the need for government support to help airlines survive. The article suggests that the industry will need to adapt and innovate in order to recover and thrive in the post-pandemic world.

The study, published in the journal Nature, involved 175,000 people in 10 countries, and found that the risk of dying from heart disease, stroke, and cancer was significantly lower in people who ate 10 portions of fruit and vegetables a day, compared to those who ate less than three portions a day. The researchers found that the risk of heart disease was reduced by 24%, the risk of stroke by 33%, and the risk of cancer by 13%. The study also found that eating 800g of fruit and vegetables a day was associated with a 31% reduction in the risk of premature death. The researchers concluded that increasing fruit and vegetable intake could have significant health benefits and should be encouraged as part of a healthy diet.

- Global aviation industry facing challenges due to COVID-19 pandemic
- Decline in air travel and financial losses for airlines
- Impact of travel restrictions and quarantine measures
- Need for government support to help airlines survive
- Industry will need to adapt and innovate for post-pandemic recovery
- Study finds that eating 10 portions of fruit and vegetables a day reduces risk of heart disease, stroke, and cancer
- Eating 800g of fruit and vegetables a day associated with 31% reduction in risk of premature death
- Increasing fruit and vegetable intake has significant health benefits and should be encouraged as part of a healthy diet.

- This is the third day of Startup Investor School.
- Questions can be sent in via Twitter using the hashtag YCSIS or on the Slack channel.
- The main topic of the previous day was how to decide on investing, which is considered the hardest thing about investing.

- The main topic of the video was how to make investment decisions.
- Dalton discussed the importance of having a consistent process and meeting founders to determine if they are a good investment.
- PB emphasized that even great investors make mistakes and encouraged looking for ideas that may seem stupid to big companies.
- Michael gave advice on investing and dealing with YC Demo Day.
- Elad Gil, an investor, discussed the importance of market-driven investments and the significance of a great market in startup success. He also outlined five signs of a great market.

- Founders often make the mistake of focusing on making their product cheaper instead of commanding a premium price.
- Having large customers who pay early is a good sign of product market fit.
- Market analysis is important to determine if a market is crowded or still has gaps.
- Moats are important for long-term sustainability, but not all moats are reliable.
- The team's product, fast learning, selling skills, and determination are important factors in evaluating founders.
- Following other investors or relying on their opinions can be a mistake.
- Valuation matters and should be considered when making investments.
- Projecting oneself as the founder is not a good approach when evaluating a business.

- Projecting oneself into a situation is not helpful when evaluating a founding team; it is important to understand what the team will actually do.
- Having a bad team may not always be a negative signal, as context matters.
- Helping early-stage startups involves focusing on areas such as hiring, firing, culture, fundraising, customers, distribution, and exits.
- Helping late-stage companies requires expertise in areas like executive hiring, management, board meetings, late-stage financings, acquisitions, and founder psychology.
- It is important for investors to reply to company updates, reach out to offer help, follow up quickly, and prioritize the interests of the founder and company.
- Investors acting badly include prioritizing their own interests over the company's, giving bad advice, and engaging in horse trading with other investors.
- Founders acting badly include over-optimizing round structures, not rewarding help, treating company money as their own, and executing exits that harm investors.
- Trust and intuition are important factors for investors when evaluating founders.

- The speaker, Pagemon, is a successful angel investor and founder of Pair VC.
- He shares his life story, starting with being homeless in Silicon Valley in 1992.
- Despite not having a computer science degree or working for a tech company, he has seeded over 200 startups and raised over $100 million for his fund.
- He initially worked in a car wash and then as a salesperson in a carpet gallery, where he built relationships with tech industry professionals.
- He convinced his boss to start investing in tech and built an advisory team from his network.
- They made mistakes initially but eventually found success in their investments.
- Pagemon emphasizes the importance of connecting with people and building relationships in the startup ecosystem.

- The speaker discusses their experience of connecting people in Silicon Valley and hosting events in their gallery.
- They highlight the importance of being accepted and supported by the Silicon Valley community as an outsider.
- The speaker mentions making investments in companies like Danger and Dropbox.
- They emphasize the importance of leveraging one's strengths and being truthful to oneself.
- The speaker shares a mistake they made by not investing in Facebook and advises not to overanalyze when encountering exceptional founders.
- They discuss their fund and the success of their investments in Y Combinator companies.
- The speaker shares traits they look for in founders, including a genuine connection to the problem they're solving and the ability to take risks and persist.

- The best founders are focused, persistent, and never give up.
- Founders should be paranoid in a healthy way and double-check every decision they make.
- A good CEO is like a captain of a ship, loyal to their team and willing to go down with the ship.
- Founders should have a long-term vision for their company, rather than just short-term goals.
- Making investment decisions is complex and requires conversations and evaluations.
- Dividing time between sourcing deals and helping invested founders depends on the situation and life cycle of the company.
- Founders should only need help in spikes, not on a daily basis.
- Market-driven investors need to make decisions before seeing the business growth curve.

- The third day of Startup Investor School focused on investment decisions and evaluating founders.
- Topics discussed included the importance of a consistent process, meeting founders, and looking for ideas that may seem stupid to big companies.
- Market-driven investments and the significance of a great market in startup success were emphasized.
- Factors such as product market fit, market analysis, and evaluating the founding team were discussed.
- The importance of trust, intuition, and building relationships in the startup ecosystem was highlighted.
- The speaker, Pagemon, shared their experience as a successful angel investor and founder of Pair VC.
- Traits of successful founders, the role of a CEO, and the complexity of making investment decisions were discussed.
- The importance of dividing time between sourcing deals and helping invested founders was mentioned.
- Market-driven investors need to make decisions based on market potential before seeing business growth.

- The speaker discusses two factors they consider when making early stage investments: the total addressable market (TAM) and whether people are paying for the product.
- They emphasize the importance of extrapolating the potential market size and being open to being off by an order of magnitude.
- The speaker also mentions that they trust entrepreneurs to see the future and educate them about potential markets.
- In terms of getting started with angel investing, the speaker suggests writing blog posts, investing in non-competitive but adjacent industries, and leveraging personal networks.
- When it comes to co-founder conflicts, the speaker advises addressing communication breakdowns and being supportive.

- The video mentions two investors that are worth paying attention to.

- The speaker introduces two investors, Jeff Clavier and Andrea Zurich, who will be discussing a different focus in their conversation.
- Jeff Clavier is highly regarded as a helpful and smart investor, and the speaker has learned a lot from him.
- Jeff emphasizes the importance of startups focusing more and not having too many things on their plate.
- Jeff Clavier shares his experience in asset allocation and portfolio construction, which may seem boring but is crucial for angel investors.
- Jeff Clavier has been an angel investor for 14 years and has invested in 200 deals.
- He highlights the importance of considering the amount of net worth to invest and being prepared for the long game and potential losses.
- He advises not to invest money that cannot be lost and emphasizes the high risk involved in angel investments.
- The speaker discusses the ecosystem in which angel investors operate and the importance of valuations in reflecting a company's traction, risks, and potential.
- He gives the example of investing in Dropbox at a pre-seed stage or at a later stage with a higher valuation, highlighting the difference in return potential.
- The speaker suggests considering asset allocation and being prepared to lose everything that is invested.

- The speaker suggests thinking about the possibility of losing all invested money
- 10% of total assets is a good amount to allocate to VC and private equity investments
- Non-accredited investors can invest through syndicates with a minimum investment of $1,000 per company
- An initial budget of $100,000 to $1 million is recommended for those interested in angel investing
- Factors to consider for portfolio construction include check size, number of investments per year, sector focus, investment stage, geography, and follow-on investments
- The speaker recommends having consistency in check sizes and aiming for around 10 to 12 investments per year
- The speaker's firm invests in various sectors, but individuals should choose sectors they are comfortable with
- Different strategies for investment focus include local, nationwide, or investing in lesser-known startup centers
- Decisions on follow-on investments should consider the potential return and individual comfort levels
- Defining these characteristics is important for building an angel investing portfolio

- Defining characteristics is important for becoming a semi-pro angel investor.
- Having a sector and time-based approach to spreading risk is recommended.
- Spreading investments across sectors can help avoid failure.
- Building a personal brand is important for angel investors.
- The world's most valuable brands are recognized for their promises and qualities.
- Your brand is what others say about you when you're not in the room.
- The presentation provides ideas to consider when building a personal brand as an angel investor.

- The speaker discusses the importance of brand and integrity in the tech sector and other industries.
- They suggest different paths for angel investing, such as joining an angel group or creating a syndicate.
- The speaker shares their experience with XG Ventures, a brand they created after leaving Google.
- They emphasize the importance of giving back to the startup community and being accessible to entrepreneurs.
- XG Ventures has invested in over 100 portfolio companies, including Carta and Wish.
- The speaker acknowledges the need for trial and error in angel investing and the possibility of pivoting.
- They advise being in it for the long run and not taking rejections personally.
- The speaker regrets passing on early investment opportunities like Uber but emphasizes the need to be happy for others' success.
- Consistent branding and active engagement are important for standing out in the crowded market of angel investing.

The speaker discusses factors to consider when making early stage investments, such as the total addressable market and whether people are paying for the product. They emphasize the importance of extrapolating market size and trusting entrepreneurs to educate about potential markets. The video introduces investors Jeff Clavier and Andrea Zurich, who discuss different aspects of angel investing. Jeff highlights the importance of startups focusing and shares his experience in asset allocation and portfolio construction. The speaker advises on getting started with angel investing, addressing co-founder conflicts, and building a personal brand. They also discuss the importance of valuations, portfolio construction, and being prepared for potential losses. The speaker shares their experience with XG Ventures and emphasizes the need for trial and error in angel investing. Consistent branding and active engagement are important for success in the angel investing market.

- The speaker discusses the importance of standing out in the industry as there are now many micro VCs.
- Trust is important and having a partner with complementary skills can be beneficial.
- It is important to define your focus and innovate often.
- Consider the type of firm you want to be and the value you can offer beyond just financial support.
- Building a strong network and making the right introductions is crucial.
- Branding, opinion, reputation, and perception all matter in the industry.
- Managing online presence, playing well with others, and being responsive are important factors.
- Quality investments and trusting your instincts are key in angel investing.
- Be a resource, have fun, and think long-term as your own CEO.

- The speaker uses Nozzle and EZEL.com to stay updated on important news from their network.
- They mention that resources for startups are available at investor.startupschool.org and encourage others to suggest additional resources.
- The speaker asks about portfolio construction and branding and whether these were considered from the beginning or figured out later on.
- They explain that portfolio construction is important to potential investors and share their own experience of retrofitting their portfolio to fit a 6 quadrant map.
- The speaker also discusses branding and how they were mindful of it from the beginning, using their previous company as leverage.
- They emphasize the importance of embodying the brand message and following through on branding efforts.
- The speaker talks about the importance of high conviction when making investments and shares their experience of having doubts lead to failures.
- They mention that some of their biggest winners were investments where they initially had doubts.
- The speaker reflects on mistakes made in investments and discusses the importance of having a better filter for entrepreneurs and not missing out on opportunities.
- They also mention the risk of investing based on positive signs and the importance of not getting ahead of oneself.
- The speaker discusses the difference between investing as a super angel and an angel, mentioning the responsibility of being a lead investor and taking care of the company.
- They mention that the check size for investments may change over time and encourage others to consider the appropriate check size for their own portfolios.

- The speaker advises against investing a large amount of money in a single company without insider information or confidence in its success.
- They suggest considering the percentage of ownership desired and using that to determine the appropriate check size.
- The speaker explains the importance of calculating the potential returns and success rate of investments.
- They mention the concept of "gateway deals" where investing in one company can lead to opportunities in other deals, but caution against investing in deals that are expected to fail.
- The speaker discusses portfolio construction and the need to avoid overlap or competition between companies in the portfolio.
- The importance of understanding the math and doing thorough analysis before deciding on check sizes is emphasized.

- The speaker, Ali, is known for his successful angel investing and his experience as an entrepreneur.
- He started his career by joining a startup called LinkExchange at a young age and learned the importance of hiring great people.
- After selling LinkExchange to Microsoft, Ali began angel investing and initially focused more on the ideas rather than the people behind them.
- He realized that investing in brilliant founders, even if their ideas seemed bad, was a better approach.
- Ali believes in investing in big ideas with a small chance of success rather than small ideas with a higher chance of success.
- He gives examples of successful companies like PayPal and Google that had initially bad ideas but were led by genius founders.
- Ali suggests looking for brilliant founders with big ideas that may seem bad when investing.

- The speaker's family members and co-founder invested in their startup, but they didn't have traditional angel investors.
- The first real money they raised was from a venture capital firm called Draper Richards.
- The speaker learned a lot from Mike Moritz, who led the Series A investment in their company.
- Moritz was impressed by subtle clues and was confident in their company's potential.
- Speed and decisiveness were important factors in the investment decision.
- The speaker emphasizes the importance of being decisive in angel investing and having someone to double-check decisions.
- The speaker and their twin brother make investment decisions together, but sometimes the speaker commits without consulting their brother in certain situations.
- It is important to decide quickly, but basic checking with a partner is not a significant slowdown.

- Decisiveness is important in making investment decisions, as taking too long can result in missed opportunities and damage to one's reputation.
- Diligence should be done quickly when excited about a potential investment, including reference checks on the people involved.
- The speaker's successful investments have been focused on young engineers and evaluating companies, with a strong emphasis on recruiting.
- The speaker's new venture, Neo, is a community for promising undergraduate computer science students, with the goal of investing in startups they start or join.
- The speaker is still figuring out how to handle follow-on investments, as it can be psychologically challenging to invest more in companies that have already grown significantly.
- The speaker aims to have a cooperative and collaborative relationship with other investors, similar to Y Combinator.

- The speaker emphasizes the importance of standing out in the industry and building trust.
- Defining focus, innovation, and offering value beyond financial support are crucial.
- Building a strong network, managing online presence, and being responsive are important factors.
- Quality investments, trusting instincts, and being a resource are key in angel investing.
- The speaker discusses portfolio construction, branding, and the importance of high conviction in investments.
- They reflect on mistakes made and the need for a better filter for entrepreneurs.
- The speaker discusses the difference between investing as a super angel and an angel and advises on appropriate check sizes.
- Calculating potential returns and success rates, avoiding overlap in portfolios, and understanding the math are important.
- Ali, the speaker, shares his experience as an entrepreneur and his approach to angel investing.
- He believes in investing in brilliant founders with big ideas, even if their initial ideas seem bad.
- The speaker emphasizes the importance of being decisive, conducting diligence quickly, and having a partner for checks.
- They focus on young engineers and recruiting in their successful investments.
- The speaker's new venture, Neo, aims to invest in startups started or joined by promising undergraduate computer science students.
- They are still figuring out how to handle follow-on investments and aim for a cooperative relationship with other investors.

- The speaker is unsure about the Thiel Fellows but believes that Y Combinator (YC) benefits from a symbiotic relationship with angels.
- Neo, the speaker's own fund, aims to take 2 to 4% ownership in companies and believes there is still room for individual angels in the ecosystem.
- YC and Neo create opportunities for angels to make money and invest in successful companies.
- The speaker has limited experience with secondary markets but believes it is a good investing opportunity.
- Expanding the pool of talent for companies is achieved by staying in touch with exceptional people and asking for introductions.
- The speaker does not have a well-formed strategy for exiting positions and acknowledges the challenge of selling investments in the private market.

The speaker discusses the relationship between Y Combinator (YC) and angels, and the benefits they provide to each other. They also mention their own fund, Neo, and its approach to investing. The speaker believes there is still room for individual angels in the ecosystem and sees potential in secondary markets. They emphasize the importance of expanding the talent pool and express gratitude multiple times.

Startup Investor School is a free, 4-day course designed to educate early stage investors interested in investing in startups. We'll cover the fundamentals of investing, from investing instruments to legal and accounting basics to evaluating startups and managing deal flow. Our hope is that more people, from a wide range of backgrounds will consider investing in startups and that those who do will be better at it.

The course will run from March 5th, 2018 through March 8th, 2018. The course will be offered live online and in-person in Mountain View. All of the course content, including the curriculum, lectures and other resources will be made available to the public once the course ends.

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See all Y Combinator transcripts on Youtube

Startup Investor School Day 3 Live Stream